Debt Settlement
It's a rarley known fact that when you fall behind on your payments by three to six months, creditors would much rather agreeto settle your debts than have you file bankruptcy and not get paid at all....
In exchange for an agreed-upon one-time payment -- typically, between 20% and 75% of what is owed -- the creditor removes the rest of the "bad"debt and starts reporting it to the credit bureaus as settled. During this process, you'll need to take the money you have been paying your creditors and start saving (preferablly in a trust fund) so that you can settle with your creditors as the debt gets older, again your looking to be in the one to six month range in delinquency. On your credit reports, the settled debts will show as settled. This basically is saying that both parties came to a agreement in paying off the debt but it was not the full amount. If you're working with several creditors -- you'd typically tackle the debts one at a time as you collect the money to pay them off -- it's hard, if not impossible to know which creditor might agree to settle earlier than others. There's an art to it!
Obviously, creditors don't like to talk about debt settlement. They also make it an extremely difficult solution to getting rid of bad debt. As a rule, creditors will not negotiate with consumers who are current on their bills, often refusing to discuss settlements unless you're at least three to six months behind, This is where it starts to get interesting..... Most lenders have investors so that the lenders can do what they do best LEND MONEY AT HIGH INTEREST RATES. When the investor is not getting a return on his investment he wants answers. So when one does not make a payments on a loan the lender is required to report the delinquency in a accurate manner, and if the lender has to many accounts in a high delinquent state the lender's investor may start to think twice about investing his money to the lender. So in a effort to keep your account from charging off and reporting on the lenders profit and loss statment it will settle the "bad" debt between 25 to 75 cents on the dollar. If a valid financial hardship is causing the delinquency then a great settlement can often be made.
This site is dedicated to directing you to high caliber debt settlement firms. All of the firms in our network offer a first class customer service department, a highly skilled set of account managers focused on settling your debt, and if needed a legal resources department to assist you with any legal matters you may encouter along the way. These firms have been selected as trustworthy firms who's debt settlestatementcedures have been approved by the FTC. FinancialHardship.info is dedicated to helping out the average consumer who has a legitimate financial hardship. Fill out the application and you will be in contact with a debt settlement firm in less than 1 hour of hitting the submit button. Click here to get started!
No other financial program exist that can let a consumer keep 40-60% of the balances owed in unsecured debt and still show a settled account on the credit report. Debt Settlement can set you free!